Fonterra shaves 50c off forecast milk price
Fonterra has dropped its forecast milk price mid-point by 50c as a surge in global milk production is putting downward pressure on commodity prices.
Fonterra Shareholders Council chairman Duncan Coull says there’s little point in having the election before the festive season.
He says the council will be contacting shareholders to inform them of the new election date.
He said the Fonterra board could appoint an interim director but noted that rules barred this year’s unsuccessful candidates from being appointed.
The Fonterra board elections failed to produce three winners to fill three vacant board spots.
South Canterbury farmer Leonie Guiney and outgoing Zespri chairman Peter McBride got over the 50% yes vote threshold.
But three candidates missed out- sitting director Ashley Waugh, Jamie Tuuta and John Nicholls.
Guiney and McBride attended their first board meeting today following the co-op’s annual general meeting in Lichfield.
The meeting also paid tribute to the three outgoing directors Nicola Shadbolt, former chairman John Wilson and Waugh.
Wilson, who is recovering from an illness, wasn’t at the AGM.
Fonterra chairman John Monaghan paid tribute to Wilson’s long service to the dairy industry.
